TEJASNET - Tejas Networks
📢 Recent Corporate Announcements
Tejas Networks Limited has announced the closure of its trading window for all designated persons starting March 17, 2026. This move is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the upcoming financial results. The window will remain closed until 48 hours after the company declares its financial results for the quarter and year ending March 31, 2026. This is a standard regulatory procedure to prevent insider trading during the period when sensitive financial information is being finalized.
- Trading window for designated persons to close effective March 17, 2026.
- Closure is related to the financial results for the quarter and year ending March 31, 2026.
- The window will reopen 48 hours after the public dissemination of the financial results.
- Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, and company code of conduct.
Tejas Networks Limited has allotted 58,844 equity shares to employees following the exercise of stock options and restricted stock units on March 09, 2026. The allotment spans five different incentive plans with exercise prices ranging from Rs 10 to Rs 85 per share. Consequently, the company's total paid-up share capital has increased to Rs 177.66 crore, comprising 17,76,63,437 equity shares. This is a routine administrative action to fulfill employee compensation obligations and results in marginal equity dilution.
- Total allotment of 58,844 equity shares of face value Rs 10 each.
- Exercise prices range from a low of Rs 10 (RSU plans) to a high of Rs 85 (ESOP 2014-A/2016).
- Paid-up share capital increased from 17,76,04,593 to 17,76,63,437 equity shares.
- The 2022 Restricted Stock Unit Plan accounted for the largest portion with 31,567 shares.
- New shares rank pari passu with existing equity shares in all aspects.
Tejas Networks has signed a strategic agreement with NEC Corporation to manufacture and supply 5G massive MIMO radios. The deal involves high-capacity 32TR and 64TR radios that comply with both 3GPP and O-RAN global standards. This partnership is a significant milestone for Tejas as it seeks to expand its international business and diversify global supply chains for 5G infrastructure. Being a Tata Group company, this collaboration enhances its credibility in the global telecom equipment market.
- Agreement signed with NEC Corporation for manufacturing and supply of 5G massive MIMO radios.
- Product portfolio includes high-capacity 32TR and 64TR radios meeting O-RAN standards.
- Strategic focus on international expansion across emerging and established 4G/5G markets.
- Collaboration aims to build a resilient and flexible globalized ecosystem for 5G-Advanced solutions.
Tejas Networks has received a sum of ₹69.9658 crore from the Department of Telecommunications under the Production Linked Incentive (PLI) Scheme for Telecom and Networking Products. This payment represents the balance 15% of the eligible incentive for the financial year 2024-2025. The receipt of these funds is a positive development for the company's cash flow and confirms its successful adherence to the government's manufacturing targets. This disbursement validates the company's operational scale-up under the 'Make in India' initiative.
- Received ₹69.9658 crore incentive from the Ministry of Communications.
- The amount covers the balance 15% of the total eligible incentive for FY 2024-2025.
- Incentive granted under the PLI Scheme for Telecom and Networking Products.
- Strengthens the company's liquidity position and validates its manufacturing capabilities.
Tejas Networks Limited has announced the allotment of 61,828 equity shares to eligible employees on January 29, 2026. These shares were issued following the exercise of options under various ESOP and RSU plans from 2014, 2016, 2017, and 2022. Consequently, the company's paid-up share capital has increased from Rs. 177.54 crore to approximately Rs. 177.60 crore. This is a routine administrative action used to fulfill employee compensation obligations.
- Total allotment of 61,828 equity shares of face value Rs. 10 each
- Exercise prices ranged from Rs. 10 for RSU plans to Rs. 85 for ESOP plans
- Total paid-up equity shares increased to 17,76,04,593 from 17,75,42,765
- The allotment involves four different employee incentive schemes dating back to 2014
Tejas Networks reported Q3 FY26 revenue of ₹307 crores, a 17% sequential increase, but continues to face profitability challenges with a net loss of ₹197 crores. The order book stands at ₹1,329 crores, yet the company is burdened by high inventory of ₹2,363 crores due to delays in the BSNL 4G expansion project. While international business contributed 15% to revenue and new wins were recorded in Africa and Southeast Asia, net debt remains high at ₹3,349 crores. Management maintains a positive long-term outlook based on 5G RAN trials and BharatNet wins, though the path to a positive bottom line remains uncertain.
- Revenue grew 17% QoQ to ₹307 crores, primarily driven by Indian private operators and international wireline sales.
- Reported a net loss of ₹197 crores and negative EBIT of ₹239 crores, impacted by R&D and labor code provisions.
- Inventory levels reached ₹2,363 crores, nearly double the current order book of ₹1,329 crores, due to BSNL project delays.
- Net debt stood at ₹3,349 crores, though trade receivables improved to ₹3,284 crores from ₹4,026 crores.
- Successfully claimed ₹397 crores in cumulative PLI incentives for FY25, providing some liquidity support.
Tejas Networks has made the audio recording of its Q3 FY26 earnings call available to the public following the session held on January 09, 2026. This disclosure is a routine regulatory requirement under SEBI Listing Obligations to ensure transparency for all shareholders. The recording provides management's detailed commentary on the company's financial performance for the quarter ending December 31, 2025. Investors can access the full discussion regarding business outlook and operational updates via the company's official website.
- Earnings call for the third quarter of FY26 was successfully conducted on January 09, 2026.
- Audio recording link has been officially shared with NSE and BSE as per Regulation 30 of SEBI LODR.
- The recording is hosted on the Tejas Networks website under the financial results and earnings call section.
- The filing serves as a formal record of management's interaction with analysts and institutional investors.
Tejas Networks Limited has officially released its unaudited financial results for the third quarter and nine-month period ending December 31, 2025. The announcement was made following a board meeting on January 9, 2026, to review the company's fiscal performance. As the company is a key beneficiary of the 'Make in India' initiative in telecom, these results are critical for assessing its execution on large-scale domestic contracts. Investors should look for the detailed financial statement to evaluate revenue growth and margin expansion.
- Board approved unaudited financial results for the quarter ended December 31, 2025
- Results cover the cumulative nine-month performance for the 2025-2026 fiscal year
- Official press release and financial disclosures submitted to NSE and BSE on January 09, 2026
- Reporting period marks a significant milestone for tracking the company's mid-year growth trajectory
Tejas Networks reported a sequential revenue growth of 17% to ₹307 crore in Q3 FY26, while its net loss narrowed to ₹197 crore from ₹307 crore in Q2. The order book grew to ₹1,329 crore, though the company noted a delay in receiving a significant ₹1,526 crore BSNL 4G add-on order. A positive development was the reduction in trade receivables by ₹742 crore, which helped lower the net debt to ₹3,349 crore. The company continues to see traction in Bharatnet Phase-III, winning 7 out of 12 packages announced so far.
- Revenue from operations increased 17% QoQ to ₹307 crore, driven by wireline sales in India and international markets.
- Net loss narrowed to ₹197 crore, including provisions of ₹24.35 crore for warranties and ₹9.85 crore for labor code-related gratuity.
- Order book stands at ₹1,329 crore as of Dec 31, 2025, with a 92% concentration in the Indian market.
- Trade receivables improved significantly, dropping to ₹3,284 crore from ₹4,026 crore in the previous quarter.
- Received ₹84.95 crore in PLI incentives for Q4-FY25, bringing cumulative PLI receipts to ₹397 crore for FY25.
Tejas Networks reported a severe downturn in its Q3 FY26 financial performance, with standalone revenue collapsing to ₹305.72 crore from ₹2,642.05 crore in the same period last year. The company swung to a net loss of ₹196.89 crore, compared to a profit of ₹165.42 crore in Q3 FY25. For the nine-month period ended December 2025, the company recorded a total loss of ₹697.97 crore, a sharp reversal from the ₹512.67 crore profit in the previous year. High fixed costs, including ₹104.45 crore in depreciation and ₹71.65 crore in finance costs, significantly impacted the bottom line amidst the revenue shortfall.
- Standalone revenue for Q3 FY26 plummeted 88.4% YoY to ₹305.72 crore from ₹2,642.05 crore.
- Reported a net loss of ₹196.89 crore for the quarter versus a profit of ₹165.42 crore in the year-ago period.
- Nine-month (9M FY26) revenue stands at ₹769.02 crore, down from ₹7,014.22 crore in 9M FY25.
- Finance costs remained elevated at ₹71.65 crore for the quarter, while depreciation was ₹104.45 crore.
- Recognized a one-time employee benefit provision of ₹9.85 crore due to the notification of new Labour Codes.
ICRA Limited has assigned a top-tier [ICRA]A1+ rating to Tejas Networks' new Commercial Paper programme worth ₹500 crore. This rating represents the highest level of safety for short-term financial obligations, indicating very low credit risk. The move allows the company to diversify its funding sources and potentially lower its interest costs for working capital. This development underscores the company's strong financial position and credit profile in the eyes of rating agencies.
- ICRA assigned a new [ICRA]A1+ rating for a ₹500 crore Commercial Paper programme.
- The [ICRA]A1+ rating is the highest possible grade for short-term debt instruments in India.
- The rating provides the company with enhanced financial flexibility to raise short-term funds at competitive rates.
- The assigned rating is valid for a maximum maturity period of 12 months from the date of issuance.
Tejas Networks has filed its quarterly compliance certificate under SEBI (Depositories and Participants) Regulations for the quarter ended December 31, 2025. The report, issued by Registrar MUFG Intime India Pvt. Ltd., confirms that share certificates received for dematerialization were processed according to regulatory timelines. Notably, the company reported that zero dematerialization requests were received from shareholders during this specific quarter. This is a standard procedural filing required by Indian market regulators.
- Compliance certificate filed for the quarter ended December 31, 2025
- Registrar MUFG Intime India confirmed zero dematerialization requests were received during the period
- The filing ensures adherence to Regulation 74(5) of SEBI (Depositories and Participants) Regulations
- Confirms that the register of members is updated and securities are listed on exchanges
Tejas Networks Limited has announced the closure of its trading window for dealing in the company's securities. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015. The trading window will be closed from December 17, 2025, and will remain closed until 48 hours after the dissemination of the Unaudited Financial Results for the quarter ending December 31, 2025. This restriction applies to the company's Designated Persons as per the company's Code of Conduct.
- Trading window closes from December 17, 2025
- Closure is per SEBI (Prohibition of Insider Trading) Regulations, 2015
- Trading window opens 48 hours after Q3 2025 Unaudited Financial Results announcement
- Applies to Designated Persons as per the Code of Conduct
Tejas Networks has been awarded IP Routing equipment purchase contracts for 7 of the 12 BharatNet Phase-III packages, making it the largest supplier by the number of packages. The company will deploy its TJ1400 family of routers in 9 states and 5 union territories. Over 50,000 TJ1400 routers will be deployed across 57,000 Gram Panchayats and 2000 Blocks. This positions Tejas Networks as a key player in India's digital transformation.
- Awarded IP Routing contracts for 7 out of 12 BharatNet Phase-III packages.
- Deployment of over 50,000 TJ1400 routers.
- Routers to be deployed across 57,000 GPs (Gram Panchayats).
- Deployment in 9 states and 5 union territories.
Tejas Networks Limited has allotted 2,86,755 equity shares to eligible employees following the exercise of stock options and restricted stock units. The allotment includes shares from four different schemes, with the majority (2,58,927 shares) coming from the 2022 RSU plan. Consequently, the company's paid-up share capital has increased from ₹177.16 crore to ₹177.45 crore. This is a routine administrative action to fulfill employee compensation obligations and results in a marginal equity dilution.
- Total allotment of 2,86,755 equity shares of ₹10 each on December 1, 2025
- Largest allotment of 2,58,927 shares under the Tejas Restricted Stock Unit Plan 2022 at an exercise price of ₹10
- Paid-up share capital increased to ₹1,77,44,89,580 divided into 17,74,48,958 equity shares
- Exercise prices for the allotted shares ranged from ₹10 to ₹85 per share
Financial Performance
Revenue Growth by Segment
Revenue grew 261% YoY to reach INR 8,923 Cr in FY25. H1 FY26 revenue mix was 57% India Private, 23% India Government, and 20% International.
Geographic Revenue Split
In FY25, India accounted for 79% of revenue while International markets contributed 21%. In Q2 FY26, the mix remained consistent at 79% India and 21% International.
Profitability Margins
Gross profit increased multifold in FY25. EBIT margin improved from 3.8% (INR 93 Cr) in FY24 to 10.1% (INR 905 Cr) in FY25. Q2 FY26 reported a loss of INR 307 Cr due to INR 190 Cr in inventory and warranty provisions.
EBITDA Margin
EBITDA margin increased from 11.1% (INR 275 Cr) in FY24 to 14.1% (INR 1,258 Cr) in FY25, driven by higher absorption of fixed costs on multifold revenue growth.
Capital Expenditure
Long-term borrowings of INR 118 Cr were primarily used to fund CAPEX for ramping up the product portfolio and R&D facilities.
Credit Rating & Borrowing
ICRA assigned a rating of [ICRA]A+(Stable)/[ICRA]A1+. Total borrowings stood at INR 4,166 Cr as of October 2025, primarily for working capital and CAPEX.
Operational Drivers
Raw Materials
Telecom components and EMS services represent the bulk of material costs, which increased significantly to support the 100,000+ site 4G project.
Key Suppliers
Not disclosed in available documents, though the company notes a risk regarding the limited availability of EMS and component suppliers.
Capacity Expansion
Delivered 100,000+ sites for a single-vendor 4G RAN network in less than 18 months by the end of FY25.
Raw Material Costs
Cost of materials increased significantly in FY25 due to the 4G project execution, though manufacturing and service expenses as a % of revenue decreased.
Manufacturing Efficiency
Operating expenses as a % of revenue reduced from 17.3% in FY24 to 8.0% in FY25 due to massive scale benefits.
Logistics & Distribution
Freight costs increased in FY25 driven by the logistics required for the 100,000+ site 4G project execution.
Strategic Growth
Growth Strategy
Growth will be achieved through the expansion of BSNL's 4G network, 5G upgrades, international 4G/5G POC conversions, and entering the data center value chain through the Tata ecosystem.
Products & Services
4G RAN (Radios and Baseband), Optical Transmission equipment, Packet Transport equipment, and Wireline Backhaul networking products.
Brand Portfolio
Tejas Networks
New Products/Services
New product focus includes Greenfield 5G SA, 5G upgrades for existing 4G sites, and data center networking solutions.
Market Expansion
Targeting international expansion in 75+ countries and winning contracts with electric utilities in South East Asia.
Market Share & Ranking
Supplied one of the world’s largest single-vendor 4G RAN networks; specific market share % not disclosed.
Strategic Alliances
Majority owned by Panatone Finvest (Tata Sons); strategic wireline partner for Vodafone Idea and 4G partner for BSNL via TCS.
External Factors
Industry Trends
The industry is shifting toward 5G and data center networking; Tejas is positioned as a key vendor for India's indigenous 4G/5G stack.
Competitive Landscape
Competes with global telecom equipment vendors; faces risks from aggressive pricing and rapid technological changes.
Competitive Moat
Moat includes Tata Group backing, PLI scheme eligibility (INR 468 Cr recognized in FY25), and being a single-vendor for a 100,000+ site network.
Macro Economic Sensitivity
Sensitive to demand variations and economic downturns; mitigation involves expanding geographical footprint.
Consumer Behavior
Demand is driven by telcos' need for 4G expansion and 5G upgrades to handle increasing data traffic.
Geopolitical Risks
Subject to trade barriers and national security implications for strategic networks like defense.
Regulatory & Governance
Industry Regulations
Complies with DoT and PLI scheme conditions; received INR 84.95 Cr as the first tranche (85%) of Q4 FY25 PLI incentive in Nov 2025.
Risk Analysis
Key Uncertainties
Delay in PO conversions (INR 1,500 Cr BSNL add-on) and potential failure of products in international trials/POCs.
Geographic Concentration Risk
High concentration in India, which represents 79% of revenue and 93% of the current order book.
Third Party Dependencies
Dependent on EMS providers and component suppliers; limited availability is a key operational risk.
Technology Obsolescence Risk
High risk due to rapid technological changes; company tracks global standards to ensure product roadmap alignment.
Credit & Counterparty Risk
Trade receivables increased 235% YoY to INR 4,884 Cr in FY25, reflecting project milestone-based billing cycles.